SYDNEY, Nov 4 (Reuters) - Embattled surfwear companyBillabong International Ltd announced it has enteredinto an agreement to sell its Canadian retail chain West 49 tofashion retailer YM Inc.
YM Inc, known for its stores including Stitches, Sirens,Urban Planet and Bluenotes, will purhase 92 West 49 retailstores across Canada for approximately C$9 million-C$11 million($8.6-$10.5 million).
Both companies have also entered into a two-year supplyagreement while Billabong will retain its six eponymous storesand two Element stores in Canada.
"The sale of West 49 is part of our broader strategy ofsimplifying our business and focusing on the core of what we dobest, which is building strong global brands," Neil Fiske, CEOof Billabong said in a statement.
Billabong has been through a tumultous 18 months, sellingassets, restructuring its debt and changing its management inthe wake of slumping sales. In September, it agreed to arefinancing proposal from U.S. hedge funds Oaktree CapitalManagement and Centerbridge Partners.
Shares in Billabong were down 0.8 percent at A$0.40 afterthe announcement, compared with the benchmark S&P/ASX 200 indexwhich was up 0.2 percent.
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